Ezra Holdings Chapter 11 Petition Filed

Ezra Holdings and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 17-22405. The Company, which is an investment holding company for a group of companies that provides integrated offshore solutions for the oil and gas industry, is represented by Stephen B. Ravin and Sharon L. Levine of Saul Ewing.

According to documents filed with the Court, “The Ezra Chapter 11 Filing is intended to optimize the scope and extent of the restructuring options available and to protect the interests of all stakeholders of the Company (including its creditors and shareholders) from hostile actions that could harm the Company and its stakeholders by diminishing the Group’s value. The moratorium afforded under the Ezra Chapter 11 Filing stays claims against the Ezra Chapter 11 Entities and enforcement actions against their assets.”

Court filed documents further explain, “Further, as disclosed in the announcement by the Company on 2 March 2017, the voluntary petitions filed by its associated company, EMAS CHIYODA Subsea Limited (‘ECS’, together with its subsidiaries, the ‘ECS Group’) on 27 February 2017 for reorganization [sic] under Chapter 11 of the U.S. Bankruptcy Code to facilitate the ECS Group’s financial and operational restructuring (the ‘ECS Chapter 11 Filing’), together with the members’ voluntary liquidation of ECS’ Norway-based wholly-owned subsidiary, EMAS-AMC AS, in Norway do not deal with the Company’s guarantee obligations in relation to (i) charter hire liabilities in connection with vessels chartered by the ECS Group, of which a substantial proportion of these liabilities of approximately US$0.4 billion has been guaranteed by the Company; (ii) approximately US$0.5 billion of loans owing by the ECS Group to financial institutions that are guaranteed by the Company; and (iii) substantial, but not quantifiable, contingent liabilities in relation to performance and/or bank guarantees granted by and/or procured by the Company for projects undertaken by the ECS Group.”

Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector--with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.

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